Coinspeaker Polkadot (DOT) JAM Upgrade Approved by Community: Details
The Polkadot community has recently approved a significant upgrade known as the Joint Accumulation Machine (JAM).
According to Gavin Wood, co-founder of Ethereum (ETH) and creator of Polkadot and Kusama in an X post, this upgrade represents a major milestone in Polkadot’s continuous evolution. Also, the upgrade is poised to bring efficiency and substantial improvements to the network’s functionality.
@polkadot community has ratified #JAM as its next major protocol evolution with a near-unanimous governance vote. Work on getting the Graypaper to v1.0 continues. https://t.co/fdo1HyEKG6
— Gavin Wood (@gavofyork) May 27, 2024
Meanwhile, the community approval of the JAM upgrade highlights Polkadot’s decentralized governance and collaborative nature. The approval process for JAM involved several stages, including proposal submission, community discussion, and voting. Stakeholders evaluated the potential impact of the upgrade, considering both the technical benefits and any possible risks.
Notably, the positive reception of JAM underscores the community’s confidence in the proposed enhancements. Looking ahead, the deployment of the JAM upgrade will be closely monitored to ensure it performs as expected and delivers the anticipated benefits.
JAM Protocol Streamlining Efficiency and Flexibility
Recall that in April, Gavin Wood unveiled the JAM Gray Paper in Dubai that merges elements from both Polkadot and Ethereum. The unveiling which came ten years after the Wood’s release of the Yellow Paper, depicted JAM as an abolition aimed at replacing the existing Relay Chain with a more modular and minimalistic design.
JAM introduces a global singleton permissionless object environment, reminiscent of Ethereum’s smart contract environment. This comes alongside secure sideband computation parallelized over a scalable node network- a concept pioneered by Polkadot, the interoperability powerhouse.
One of the key features of JAM is the guaranteed seamless compatibility for developers familiar with using Substrate for blockchain development and deployment. This is enabled by the parachains service specifically designed to support existing Substrate-based parachains. Notably, JAM operates exclusively with DOT, thus eliminating the need for a new token issuance.
This exclusivity simplifies interactions within the protocol while leveraging the existing infrastructure of the Polkadot network. In recognition of the importance of diverse client implementations in a decentralized protocol, Polkadot introduced the JAM Implementer’s Prize.
The JAM Implementer prize is a 10 million DOT reward pool meant to encourage the creation of implementations in various programming languages to strengthen the ecosystem’s foundation.
Polkadot Price Trajectory
Polkadot started the year quite shaky, initially trading around $8.2 and then falling. Much of the asset’s loss was from continuous liquidations as investors tried to capitalize on gains made from the previous quarter. However, the Securities and Exchange Commission (SEC) approval of the US Spot Bitcoin (BTC) Exchange-Traded Funds (ETFs) was bullish for the entire sector, with several tokens rising in tandem.
DOT also enjoyed the activity as it rose to $9.35. However, the flurry of excitement lasted only a short time as DOT eventually ended January at around $6. Polkadot could leverage its achievements and attract more developers and investors, consequently taking the price over $8.
However, if the market’s problems are stronger than DOT’s resilience, the price could fall back to $4. Currently, DOT is trading at around $7.50.
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Polkadot (DOT) JAM Upgrade Approved by Community: Details